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Pandemic could devour bulk of CSR kitty this year: Crisil

Pandemic could devour bulk of CSR kitty this year: Crisil

Indian corporates are set to empty their CSR kitty for the year on combating the Covid-19 pandemic, leaving almost no scope for other causes India Inc has been supporting, according to research by rating agency

Crisil

.

The agency has taken into consideration contributions made through the PM CARES Fund, other relief funds, distribution of food, masks, personal protective equipment for healthcare workers, or relief material to the needy.

In less than two months through March 15, 2020, 84 companies out of the 100 which Crisil studied,

had spent Rs 7,537 crore on causes that can be classified as CSR spend.

Region-wise, 36 companies in Maharashtra – which accounts for a third of all Covid-19 cases in the country – stand out because they account for 63% of the total spent.

“The 130 companies analysed by CRISIL accounted for nearly 80% of the total CSR spend by all listed companies in fiscal 2019,” said Maya Vengurlekar, Chief Operating Officer, CRISIL Foundation. “Assuming other companies would have followed a similar path, India Inc has already allocated over 80% of the annual CSR budget to address the pandemic. This could impact spending on other areas this fiscal.”

Private sector companies, public sector undertakings and foreign companies have contributed proportionately to their share in the sample.

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